Tag Archives: john stuart mill

Competition and Cooperation by Roger A. McCain

March 10, 2016

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One of the most prominent facts about game theory is that there is not one game theory but two: cooperative and noncooperative game theory. In cooperative game theory we assume that whenever there is a possibility for agents to create some mutual benefit by choosing a common strategy, rational agents will realize that possibility. In noncooperative game theory we assume that a rational agent attempts to anticipate the strategy choices of others and choose a best response to them. This independent choice of strategies may leave possibilities for mutual benefit unrealized. When John Nash introduced the distinction, he was influenced by his undergraduate study of economics. But economics traditionally is organized around a different, overlapping dichotomy: competition versus monopoly, Roger McCain goes on to explain.

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Who’s Afraid of Free Market Economics? By Steven Kates

October 23, 2014

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San Paulo Stock Exchange, by Rafael Matsunaga (CC BY 2.0).

As the Second Edition of Free Market Economics: an Introduction for the General Reader has just been published, author Dr Steven Kates tells us why his textbook is still unique.

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